Visa to enable payments in cryptocurrencies31. March 2021
Visa to enable payments in cryptocurrencies
New York, 3/31/2021
Visa and Crypto.com have launched a pilot program that will enable payments in cryptocurrencies. Visa will enable transactions on the crypto platform using the stablecoin USD Coin (USDC), which is pegged to its reference currency, the U.S. dollar.
Visa will add this payment method to a network of 35 platforms, including Coinbase, BlockFi and Bitpanda, with a total of 50 million active users. In its announcement, the company emphasized the growing importance of cryptocurrencies in investment portfolios. BlackRock recently added bitcoin futures to its potential investments. Grayscale Investments introduced five new digital currency investment trusts to manage alongside its $34B Grayscale Bitcoin Trust launched in 2013.
Visa’s first cryptocard, issued with Crypto.com, allowed users to pay at any merchant but required an exchange for fiat currency. The new method uses the Ethereum blockchain and sends coins directly to an accepting party, avoiding additional costs and processing transactions.